GLOBALFOUNDRIES (NASDAQ:GFS) Sets New 52-Week Low at $38.98

GLOBALFOUNDRIES Inc. (NASDAQ:GFS)’s share price reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $38.98 and last traded at $38.98, with a volume of 216633 shares changing hands. The stock had previously closed at $39.75.

Analyst Ratings Changes

GFS has been the topic of several recent analyst reports. TD Cowen reduced their price objective on shares of GLOBALFOUNDRIES from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Evercore ISI decreased their target price on GLOBALFOUNDRIES from $77.00 to $71.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Wedbush restated an “outperform” rating and issued a $65.00 price objective on shares of GLOBALFOUNDRIES in a report on Wednesday, August 7th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $55.00 target price on shares of GLOBALFOUNDRIES in a report on Tuesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on GLOBALFOUNDRIES from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.54.

GLOBALFOUNDRIES Stock Up 0.2 %

The business has a fifty day moving average of $46.91 and a 200 day moving average of $49.40. The company has a market capitalization of $21.62 billion, a PE ratio of 24.14, a PEG ratio of 6.64 and a beta of 1.54. The company has a current ratio of 2.22, a quick ratio of 1.59 and a debt-to-equity ratio of 0.19.

GLOBALFOUNDRIES (NASDAQ:GFS) last announced its earnings results on Tuesday, August 6th. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.10. GLOBALFOUNDRIES had a return on equity of 7.75% and a net margin of 11.82%. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same period last year, the business posted $0.45 EPS. GLOBALFOUNDRIES’s revenue for the quarter was down 11.5% on a year-over-year basis. Equities research analysts anticipate that GLOBALFOUNDRIES Inc. will post 1.09 EPS for the current year.

Hedge Funds Weigh In On GLOBALFOUNDRIES

Hedge funds and other institutional investors have recently bought and sold shares of the company. Private Advisor Group LLC increased its position in shares of GLOBALFOUNDRIES by 29.6% in the 4th quarter. Private Advisor Group LLC now owns 7,931 shares of the company’s stock valued at $481,000 after purchasing an additional 1,811 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in GLOBALFOUNDRIES by 19.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 143,870 shares of the company’s stock valued at $8,719,000 after buying an additional 23,414 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in GLOBALFOUNDRIES by 124.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 488,048 shares of the company’s stock valued at $29,581,000 after buying an additional 270,520 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in GLOBALFOUNDRIES by 4.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 31,742 shares of the company’s stock worth $1,810,000 after buying an additional 1,320 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in shares of GLOBALFOUNDRIES by 13.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 27,797 shares of the company’s stock valued at $1,684,000 after acquiring an additional 3,345 shares during the last quarter.

GLOBALFOUNDRIES Company Profile

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.